The UAE's non-oil trade rose 17 per cent to about Dh1.053 trillion ($286.73 billion) in the first half of the year, from the same period in 2021, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on Monday.
This is the first time the country's non-oil trade exceeded the Dh1tn mark, according to government figures.
The UAE's non-oil exports increased 8 per cent to Dh180bn in the first six months of the year compared with the same period in 2021.
Non-oil imports hit a record Dh580bn during the first half, up 19 per cent from the year before.
Re-exports reached nearly Dh300bn for the first time, increasing 20 per cent year-on-year.
“Our economic growth is progressive, our trade environment and infrastructure are the best and our economic approach is stable, fair and open to everyone... The growth of our economy will continue its strong pace in the coming year,” Sheikh Mohammed said.
The latest data comes as the UAE’s economy rebounds strongly from the pandemic-induced slowdown on the back of government measures and higher oil prices.
The Arab world’s second-largest economy, which expanded by 3.8 per cent in 2021, is forecast to grow by 5.4 per cent and 4.2 per cent in 2022 and 2023, respectively, according to the latest projections from the Central Bank of the UAE.
The country's economy grew by 8.2 per cent in the first three months of this year.
The UAE is also signing economic partnership deals to stimulate trade and boost investments.
It signed Comprehensive Economic Partnership Agreements with India, Israel and Indonesia this year and is negotiating similar deals with other countries.
“Once again, the UAE has proven to the world the recovery of international trade after the most difficult pandemic that humanity has gone through,” Sheikh Mohammed said on Twitter.
The country is adopting “commercial and economic openness” and strengthening its infrastructure and legislative framework, Minister of Economy Abdulla bin Touq said in a separate statement.
Mr bin Touq added that the first-half levels of non-oil trade mark the beginning of an “unprecedented phase of economic development in the history of the country”, the statement said.
The UAE aims to expand its trade with the world and position trade as a major contributor to the doubling of the national economy by 2030, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said,
The record growth in non-oil trade performance came as a result of the forward-looking plans and various initiatives undertaken by the UAE to develop and diversify its exports, he said.
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
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What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
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